ARA Insurance Chief Announces Retirement

Construction Equipment

The president/CEO of American Rental Association Insurance will retire at the end of February. Kelling has been with ARA Insurance since 1997, and led ARA Insurance to grow from a small insurance agency with four independent agents to

11 Areas of Cyber Insurance You Should Know More About

Construction Business Owner

Twenty years ago, no one had heard of cyber insurance, and a hacker was someone with a cough. As recently as 10 years ago, many people still did not know how exposed they were to clandestine attacks on their data

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5 Tips for Filing a Roof Replacement Insurance Claim

Construction Marketing

Filing a roof replacement insurance claim may be your only chance of taking care of the necessary repairs and renovations, especially after a huge storm, water damage, or other calamities and catastrophes. This having been said, here are 5 tips for filing a roof replacement insurance claim. It’s important that before you file for roof replacement claim, take into account the particulars of the homeowner’s insurance policy. Contact the Insurance Policy.

Integrated Project Insurance v Integrated Project Delivery

Collaborative Construction

How does integrated project insurance differ from integrated project delivery? How does Integrated Project Insurance differ from Integrated Project Delivery? Integrated project insurance (IPI) protects integrated project delivery (IPD) teams from risks related to catastrophic natural disasters or project related accidents. The same is true of insurance products available to integrated teams. Integrated Project Insurance (IPI) appears to be a response to that mandate.

7 ways to prevent construction insurance losses

Construction Dive

Here are the major insurance issues to consider to avoid financial setbacks, as well as damage to professional and personal relationships

Why your general contractor needs to have insurance

Lets Build

Guest posts contractor general contractor insurance main contractorWhile it’s true that life is a gamble, you should never risk what you can’t afford to lose. This principle holds weight in many different aspects of life, especially those that involve substantial risk – hiring a general contractor included. Though it’s relatively cheaper, going for an uninsured contractor isn’t a good idea. When you.

Virus Pandemic Insurance Could Fill Gaps in Builders’ Risk Policies

ENR Construction

One pandemic insurance product was introduced in 2018

Recycled Restaurant Waste Cooking Oil Can Trigger Insurance Pollution Exclusion

Green Building Law Update

In a case having broad implications given the wide mandatory recycling of restaurant waste cooking oil across the country, in a decision filed on April 29, 2019, a federal appeals court held that contaminated recycled fat could trigger the “pollution exclusion” in an insurance policy. Restaurant Recycling, in turn, sued Employer Mutual Casualty Company, seeking a declaratory judgment that the insurer had a duty to defend and indemnify Restaurant Recycling.

Should You Fire Your Insurance Broker?

Construction Business Owner

Why you should work with an insurance broker who understands & takes steps to protect every aspect of your business operations.

2016 Insurance Trends

Construction Business Owner

The construction insurance market is responding positively to these efforts, rewarding owners and builders that are operating their businesses efficiently and managing their risks properly with lower insurance premiums, broader coverage and higher limits As the United States construction market heats up, there is a renewed focus on improving operational efficiencies and embracing risk management strategies that could offer a meaningful financial impact.

Integrated Insurance Products Needed

Collaborative Construction

Many of those challenges, even the insurance conundrums raised in this post, can be addressed through integrated agreement. Here, I want to highlight the need for a new generation of integrated insurance products designed to protect integrated team members. A new insurance product is needed. Currently integrated team members are insured under separate policies, and there are no insurance products available on the US market that fit the needs of an integrated team.

Get Additional Insured Language Right

Construction Business Owner

General contractors, subcontractors and business owners risk substantial financial loss if they enter into contracts that are not supported by their insurance program. This risk has increased since the Insurance Services Office (ISO) made significant revisions to Additional Insured Endorsement forms in 2013, creating even more unexpected exposures and liabilities

How to Insure the Uninsurable

Construction Business Owner

Your leadership team spends hundreds of hours agonizing over any one project's schedule—what workers should be hired for which phase of the project; what materials should be shipped to the site when; when and how often project owners should be brought in for a status update; and more. In a perfect world, each detail and project variable would be planned out. But then there's the world we live in, and it's not so perfect.

#91:  Liability Insurance for a Subcontractor's Defective Work

NH Construction Law

“May unintentionally faulty subcontractor work that damages an insured’s work product constitute an ‘accident’ under a commercial general liability insurance policy?” Skanska, the construction manager of a hospital renovation project, hired a heating and cooling subcontractor whose liability insurance policy named Skanska and the owner as insureds.

Construction Insurance Rates Predicted To Increase

Construction Law Monitor

According to a recent Press Release from Marsh , a leader in insurance broking and risk management, construction firms across the U.S. Insurance rates have been declining for close to a decade, but rates are forecasted to increase between 8 and 10 percent. Construction Practice, stated, “This comes against the backdrop of medical cost inflation and changes to some state statutes that have extended coverage beyond the insurers’ originally intended scope.”

Properly Identifying Additional Insured

Construction Business Owner

One approach is to require one party to list the other, protected party as an additional insured on its own purchased insurance policies, thereby giving the protected party direct access to insurance coverage. There are numerous ways that contract parties can shift the risk of certain types of losses between each other.

Wearables' ROI is in safety and insurance, expert says

Construction Dive

Construction companies — along with their workers and insurance companies — see the potential for safety improvements through wearables but still yearn for more evidence of returns on investment

Louisiana Contractors – Workers Compensation Insurance

Construction Law Monitor

Back in 2009 this blog reported on the very topic of Workers Compensation insurance, stating that 1 and 5 businesses are breaking workers compensation laws. The main reason being is due to the exorbitant price of this insurance on contractors. Although the price to insure all employees under workers comp insurance is high, the price that is paid if an accident happens to an uninsured worker is much higher.

2016 Insurance Market Forecast

Construction Business Owner

Like many businesses, the insurance industry is cyclical in nature. The insurance cycle is important to business owners because it directly impacts insurance premiums. As for insurance pricing today, Table 1 provides a historical picture of insurance industry rates calculated by MarketScout, with 2004 as the base year.

Critics blame NYC's scaffold law for rocketing insurance fees

Construction Dive

Originally slated to cost $93 million, insurance costs for the East Side Access tunnel have ballooned to $584 million

Ensuring Adequate Insurance Coverage

Green Industry Professionals

Tips on how to make sure your business and its equipment have the proper insurance coverages, without paying unnecessarily high premiums or putting yourself at risk

Insurance Market Update

Construction Business Owner

With the start of a new year, the construction insurance market is showing signs of ambivalence from most insurers. Insurance underwriters will likely focus on keeping existing clients happy (through pricing flexibility, broad coverages and service commitments), while simultaneously trying to grow business.

3 Dangers to Coverage Hidden in Many Standard Construction Insurance Policies

Construction Business Owner

Many contractors, subcontractors and developers often do not realize that there are perhaps dozens of exclusions buried in the hundreds of pages of these CGL insurance policies that allow an insurance company to deny coverage for these claims. Find out more here.

Tropical Storm Lee – Prepare for Insurance Claims

Construction Law Monitor

Contractors who have equipment, property and unfinished work need to report any flood, wind or wind driven rain damage to your general liability insurer in a timely fashion so that you may collect reimbursement for damages sustained from this storm. Your insurer will assign a claims specialist to assess the damage and this person is who you will work with to obtain reimbursement. Remember to consult with an attorney or your insurance agent when reviewing the terms of your policy.

2017 Insurance Update

Construction Business Owner

Yet, even as equipment has become safer, highway fatalities are increasing at an alarming rate, and insurance companies have targeted distracted driving from cell phone use as a contributing factor Thanks to new technology, our vehicles are getting smarter and safer every day, with programs to help manage everything from GPS navigation and blind spot detection to lane-departure notification and emergency braking.

Insurer Facing BIM - Where Are the BIM & IPD Friendly Insurance Products?

Collaborative Construction

If BIM is the New Standard of Care what the HE double sticks are the insurance companies doing? New insurance products that support and enable the creation of integrated teams and the delivery of BIM in an IPD environment won''t happen if the built industry sits back and waits for the insurance industry to respond. Insurance companies and their lawyers are inherently risk averse and want nothing to do with anything new.

David v. Goliath – The Difficult Task of Fighting Your Insurance Company

Construction Law Monitor

I was recently speaking with a client about the posture of a pending case and the client was surprised to know that nearly all of the insurance companies that were originally brought into the suit had whittled their way out due to policy limitations, lack of coverage and policy exclusions. Insurance companies are constantly, from year to year, changing the language of policies and inserting exclusions so as to limit exposure if there is an occurrence.

Additional Insured Status: Playing the Speak-Out Game on a Construction Project

Best Practices Construction Law

Reading and understanding an insurance policy on a construction project can be a lot like understanding my kids playing Speak Out. Proper insurance coverage is an important risk management tool for contractors, subcontractors, project owners/developers and design professionals. Nautilus Insurance Co. , The subcontract also required the subcontractor to include the contractor as an “Additional Insured” on its policy.

Trends Driving Video Telematics in Insurance

Contractor Magazine

Join us August 14th at 12PM Eastern for this exclusive Interactive Learning Video, sponsored by Lytx

BIM Forum Insurance Presentation

Collaborative Construction

Louis made a presentation titled "BIM Claims and Insurance Coverage: A Survey of Recent Developments" at the BIM Forum in Arizona. Welcome to the Collaborative Revolution! Gregg Bundschuh's with Ames & Gough out of St. Approximately 30 claims have arisen from BIM utilization to date according to the Ames Grough presentation. The claims fall into 6 categories and most related to delay and cost overruns. For more information visit the BIM Forum Blog and read the complete post.

Pollution Legal Liability Insurance More Valuable as a Result of High Court Ruling

Green Building Law Update

Insurance companies cannot recover environmental cleanup costs paid to their insured under the federal Comprehensive Environmental Response, Compensation and Liability Act, commonly known as Superfund, from another Potentially Responsible Party ( unless their insured had first pursued a separate claim to recover the cleanup costs from that PRP). Among the most common of the insurance coverages is a pollution legal liability policy.

Travelers Insurance Wants to Pay You to Use Procore

Construction Junkie

Well, now at least one insurance company believes that, as well. I’ve admittedly been focused mainly on the productivity gains from using technology, but getting a discount from an insurance company to use it is an interesting side effect. courtesy of Procore. For years, I’ve been saying that using a cloud-based project management software should be a no-brainer for any construction company.

Cyber Insurance

Construction Business Owner

Cyber insurance aims to help mitigate losses from a wide variety of cyber and electronic intrusions, such as data breaches, business interruption and network damage caused by virus or malware. Business owners are concerned about the electronic frontier we now live in and the liabilities that we all face because of it.

Maybe you are insurable

Contractor Magazine

Never can a stroke, cancer or a heart attack be anything but bad news. But hallelujah! Survive for five years and your life expectancy statistically is probably (wish “probably” was not necessary) the same as the general population of Americans

Insurance App Tracks Driver Behavior

Construction Equipment

Arity, a spin off from Allstate Insurance, currently watches more than a million drivers for Allstate and online Esurance. With that data, Arity assigns individual drivers a score, similar to credit a score, with which Arity's insurance company clients are able to base their rates on their customer's actual driving behavior Telematics data is collected from drivers who have agreed to let Arity monitor their driving habits in exchange for better rates.

Insurance firm and two senior figures handed record data breach fines

The Guardian Data Protection

Fines totalling more than £150,000 handed down over use of private detectives to illegally obtain private banking records An insurance firm and two senior figures connected with the company have been given record fines for using private detectives to illegally obtain the private banking records of a businessman they were investigating. Data protection Data and computer security Technology Insurance industry Information commissioner Business UK news

The Top 6 Insurance Trends in 2016

Construction Business Owner

The construction insurance market is responding positively to these efforts, rewarding owners and builders that are operating their businesses efficiently and managing their risks properly with lower insurance premiums, broader coverage and higher limits As the United States construction market heats up, there is a renewed focus on improving operational efficiencies and embracing risk management strategies that could offer a meaningful financial impact.

Contractors Get Good Insurance & Use It!

Construction Law Monitor

More and more in my everyday practice I encounter issues with contractor general liability insurance (GL). Next, the most important and most often overlooked aspect is notifying the insurer when trouble starts. If you are an electrician and a fire happens on the job, the first person you should call is the insurer and/or your insurance agent and put them on notice. If you ever have a lawsuit filed against you put the insurer on notice immediately!

Report: Construction workers least likely to have health insurance

Construction Dive

Many of the uninsured are independent contractors who are not entitled to benefits including health coverage

How to Insure the Uninsurable

Construction Business Owner

Your leadership team spends hundreds of hours agonizing over any one project's schedule—what workers should be hired for which phase of the project; what materials should be shipped to the site when; when and how often project owners should be brought in for a status update; and more. In a perfect world, each detail and project variable would be planned out. But then there's the world we live in, and it's not so perfect.